100 "accredited investors" or an unlimited number of "qualified purchasers" may invest in a single Hedge Fund. Typically, the hedge funds with which we associate have considerably fewer than 100 investors.

An investor is a "qualified purchaser" (sometimes referred to as a "super accredited" investor) if the investor is a(n):
* individual who own $5 million or more in investments, including investments held jointly with a spouse.

* family-held business that owns $5 million or more in investments.

* business that has discretion over $25 million or more in investments.

Presently, if you can meet one of the following criteria, you are an accredited investor:
* You have an individual net worth, or you and your spouse have a combined net worth, in excess of $1 million.

* You had individual income, excluding any income attributable to your spouse, of more than $200,000 in the previous two years, and you reasonably expect to do the same this calendar year.

* You and your spouse had joint income of more than $300,000 in the previous two years and reasonably expect to do the same in this calendar year. Institutions and pension accounts are subject to more complex criteria, and should consult an accountant.

The minimum investment varies from fund to fund, and is set by the General Partner (GP). It is common for new hedge funds to open up with minimum investments of $250,000 or $500,000. Established funds can have much higher minimums; $10,000,000 is not unheard of. In most cases, the GP can waive the minimum at his sole discretion. This is often done to accommodate investors who intend to make an investment equal to or greater than the stated minimum over time, but do not want to start that high.